The Moonshot Returns: Bitcoin Price Set for Repeat Rise to $1100
Get ready for another moonshot. Technical indicators are pointing to another parabola-like bitcoin price movement that will trigger at $820 and send bitcoin soaring to $1100. After reaching that peak, expect the price to return to $850.
Technical Analysis: Bitcoin Price Entering Another Parabola Movement
Prices are ready to perform the same parabolic movement pattern that happened in the charts last week. If technical projections play out, bitcoin will climb to $1100 before falling to an $850 support level.
If this scenario rings true, a lateral sideways trading market could emerge during February, keeping the bitcoin price between $850 and $1000. During this sideways market, growing support will reinforce a bullish consensus, which will ultimately launch the price to $1500.
A wide, rising channel that started on July 2016 has established the upward limit for the pending parabolic movement—forecast to peak at $100. The price volatility following the rally will eventually lead to the markets settling out at $850.
As support builds at this $850 level, a sideways market will emerge, which could later enable a smooth and sustained rise to $1500, while a big triangle formation emerges in the charts.
According to technical indicators, the bitcoin price is ready to test the psychological resistance near $1100. If this forecast comes true, the rally will be followed by an aggressive, fast and symmetrical pull-back like the one we saw twice last week. In such a correction, we would see the price bottom out at $850.
Japanese Candlestick Analysis confirms millenarian figures and patterns associated with the idea of a quick rise followed by a correction. This pattern, compared with conflicting information and hype from the media, will ensure a profitable marketplace for the largest traders—such as banks and funds looking to enter the game.
What do you think will happen to the bitcoin price? Let us know in the comments below.
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This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.